It is hard sometimes not to be transfixed by the goings on in Washington, DC andSacramento. Regardless of your political perspectives I think it is safe to say that no one person or group of people can run this country effectively. It is individual action that makes a difference and while the politicians and talking heads hold forth ad nausea about this or that consumers continue to face everyday risks that we can help them with. My message here is that we can’t allow ourselves or our clients to be paralyzed by the frittering away of our national treasure when we have the tools of personal responsibility that will make a difference in people’s lives.
With this in mind we need to look to new ideas and products that may cover more than one risk. If you read my January and February Broker World articles you learned that a new generation of life insurance and annuity products linked with chronic illness benefits (long-term care insurance) are beginning to proliferate the marketplace. (If you don’t get the magazine email me at barry@paradigmins.com and I’ll get them to you). The Pension Protection Act of 2006 will unleash a brave new world of life, annuity and long-term care insurance planning in the coming months. As you might expect we plan to be in the midst of it all.
One overarching theme of the changes is that agents and financial advisors will not be able to hide in their product silos. If you are a long-term care insurance specialist get ready because you’re going to need to be in the life and annuity business. If you’re in the life insurance business you will not be able to ignore chronic illness accelerated benefit riders. If you are in the annuity business your prospects and clients will want to know about combo products. And, life and annuity agents will no longer be able to ignore traditional LTCi. Products that include qualified long-term care (chronic illness) riders will require 8-hour LTCi certification just like traditional products do today. You see if it quacks like long-term care insurance it is long-term care insurance!
So what are our plans at BJFIM/Paradigm? First, the old man with the graying beard (yes I know I need a new picture on the website, thank you) is dusting off his life insurance and annuity memory banks in order to get up to speed on these new products. As I familiarize myself with them I will be working with the various insurance companies that we represent to train our marketing folks so that they can in turn help you as the need arises. Second, we will be contracting with the major life and annuity carriers that choose to be part of this product innovation. The following companies already have linked/combo products and are part of our portfolio; Genworth, Lincoln Financial, Nationwide and State Life. Expect many more and expect us to be front and center with the best of them. Third, we will begin webinar and small seminar training sessions after April 15th. We will keep you posted on the schedule. In the meantime, the best way to learn about these products is to just jump in, so if you think you have a case, contact your BJFIM/Paradigm marketing representative or send me an email,barry@paradigmins.com, or give me a call, (818) 444-7730. If you have a prospect we’re ready to help you.
Creating a context for which product is suitable for the right client will be the greatest challenge that we face as we move forward. Apples to apples comparisons will be next to impossible. The key will be to focus on identifying the risk and then determining the factors that are most important to your client or prospect. You may end up selling a combination of these programs to fulfill the consumer’s needs. Doing the right thing will take on a whole new meaning as these new forms of policies proliferate the insurance marketplace.
Is there hope and change? Probably not in Washington, DC but most certainly in the life/annuity and long-term care insurance business and I believe that it will be good for all of us. We look forward to being of continued service and good cheer.
(818) 444-7730